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Find the level of labour supply

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(a) Let the utility function be U = log(x) - l, where l is labour and x is consumption. Find the level of labour supply if the wage rate w=10.

(b) If an overtime premium is introduced which raises w to 12 for all excess hours, what is the effect on labour supply?

(c) Clarify your answer using a diagram.

Reference no: EM13125667

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